“…we hereby inform you that on account of pending re-assessment of fit and proper status of Mr Rishi Gupta, MD & CEO of the Bank, he was unavailable to perform his role in a regular manner for more than 45 days,” according to a stock exchange filing.
The bank said the development is linked to a pending reassessment of his “fit and proper” status. It added that he will resume office after the reassessment by the Nomination and Remuneration Committee and Board of Directors, along with a view from the Reserve Bank of India.
During this period, the bank, with the approval of the RBI, has appointed an interim CEO.
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Fino Payments Bank stated that its operations remain stable and uninterrupted and that it continues to serve customers in the normal course of business. The bank also noted that it had recently recorded its highest-ever deposit balance in March 2026 and saw strong momentum in its referral lending business.
In February this year, Fino Payments Bank reported that its MD and CEO, Gupta, was arrested by the Directorate General of GST Intelligence (DGGI) for violation of the law related to the Goods and Services Tax.
“Investigation by the DGGI was in relation to the program manager(s) associated with multiple banks and not on the GST compliance of the bank itself, and the bank and its officials have nothing to do with the business/actions of the program manager(s) in question,” Fino Payments Bank said in a regulatory filing.
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Further, a special board meeting was convened in February, during which Fino Payments Bank appointed Ketan Merchant, Chief Financial Officer, as Head of the Organisation to oversee the bank’s day-to-day operations in the absence of Rishi Gupta, until otherwise decided by the board or until he resumes office, whichever is earlier.
Shares of FINO Payments Bank Ltd ended at ₹132.35, down by ₹3.15, or 2.32%, on the BSE.
